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100% Mortgage for Renters
May 19th, 2023
Looking to buy your first home but struggling to save for a deposit? Getting onto the property ladder is an important step for many people, but there’s been an increasing number of people who simply can’t afford it and have been stuck in the rental market.
Skipton Building Society’s new Track Record Mortgage gives first-time buyers who have been renting for 12 months of the last 18 a 100% mortgage.
To qualify, each applicant must:
- Be a first-time buyer
- Be aged 21 or over
- Have a deposit of less than 5% of the purchase price
- Have no missed payments on debts/credit commitments (e.g. mobile phone bill) in the last six months
- Be looking to borrow less than £600,000
- Meet the household-to-household criteria
- Not be looking to buy a new build flat
- Have proof of having paid rent for at least 12 months in a row within the last 18 months
- Have 12 months of experience paying all household bills within the last 18 months
- Have monthly mortgage payments equal to or lower than the average of the last six months’ rental cost
This is the first of it’s kind in recent years- so it’s a fantastic opportunity for many first-time buyers. This new mortgage is a welcome development that we hope will see more people fulfil their dream of owning their first home.
T&C’s apply. Find out more here.